Hong Kong’s real estate bull market regains its pace, as sales value of city’s subsidised homes soars to 22-year high
- A total of 447 pre-owned homes built under the Home Ownership Scheme (HOS) were sold in March for a combined value of HK$2.41 billion, the highest in 22 years
Hong Kong’s property bull market regained pace after a brief falter, extending its reach over to the city’s subsidised housing market as the number of transactions and sales value soared.
The number of pre-owned flats sold through the Home Ownership Scheme (HOS) increased 60 per cent to 477 units in March, compared with the previous month, according to data from Centaline Property Agency. Their sales value jumped 64.6 per cent to HK$2.41 billion (US$307.12 million).
The monthly transactions were the highest by collective value since April 1997 and the most by volume since March 2017, according to the property agency.
The March data contrasts with the market slump five months ago, when just 188 pre-owned HOS flats were sold in October, the lowest since records began in 1996.
“The recent strong performance showed that previous pervasive pessimism was wrong. The market is correcting itself from the previous excessive slump,” said Wong Leung-sing, senior associate director of research at Centaline.